Bitcoin price suffers further losses below $47,000

The BTC/USD pair has been trading at lows near the key support of $46,300, with the technical outlook suggesting further losses.

The benchmark crypto-currency is trading around $47,100 at the time of writing, down around 2% and 4.8% over the past 24 hours and week respectively. BTC/USD could continue to face bearish pressure in the near term after this latest rejection, with negative sentiment likely to increase as market dominance does not descend towards 40%.

In case of further selling, Bitcoin could fall towards the $45,000 support level. If the price falls below $45,000, it could plunge towards $40,000, according to price projections shared by a technical analyst.

Bitcoin Price Outlook

Bitcoin’s downward movement follows the price movement towards the top of a bearish triangle pattern formed on the daily chart. The drop below the triangle support line has added downward pressure, with the failure to break through the $49,000 resistance area over the weekend that saw BTC/USD hit a low of $46,700.Bitcoin price suffers further losses below $47,000

BTC/USD daily chart. Source: TradingView

While the crypto-currency’s price remains in an overall uptrend, bears appear poised to retest the key support level at $46,300. This move would open up BTC/USD to a potential slide to the next anchor point around the 0.236 Fibonacci retracement level of the $29,501 to $50,505 high swing, currently located at $45,548.

If price breaks to the downside, BTC bulls may have to defend recent gains around the 0.382 Fib level ($42,481). It is possible that Bitcoin could hit the 50-day moving average ($41,552) and the Fib 0.5 level ($40,003).

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These lows coincide with technical analyst Kevin Wadsworth’s forecast. In a recent interview with Kitco News, the co-founder of Northstar and Badcharts opined that while Bitcoin remains relatively bullish, it may look for support at the $40,000 level before rebounding to a new high.

In the short term, bulls need to defend the $46,300 line to maintain the advantage suggested by the daily RSI above 50.

According to Wadsworth, BTC/USD could see renewed buying pressure if price breaks above $51,000, with a new rally likely to see prices peak between late September and October or so. If the scenario plays out, the analyst predicts that BTC’s price could reach $100,000 before the end of the year.